Unraveling Government Bond Sales

This chapter explores the dynamics of government bond sales in the UK, examining their role in government borrowing and the distinctions between various market participants. It also delves into the transition from a TAP system to an auction system, reflecting shifts in economic ideologies like neoliberalism and monetarism. Additionally, the chapter considers Modern Monetary Theory (MMT) and critiques the traditional approaches to fiscal and monetary policy, advocating for a more empowered role for elected officials in economic decision-making.